Around the World: Rulers on Coins are Changing
As monarchs abdicate, ascend, and mark milestones, coinage around the world reflects changing rulers, evolving portraits, and shifting political traditions.
Who’s on first and what’s on second isn’t just a comedy skit. Just who appears on current coinage can face those same questions, but it isn’t necessarily as lighthearted. Usurpers have lost their heads over such matters in the past. It is unlikely today a pretender to a throne may risk that same fate, but the names and faces keep changing, as does who sits on what throne.
Likely the most prominent of these recent changes is the appearance of King Charles III on British (as well as some Commonwealth) coins. In October 2025, more than 23.2 million 5-pence coins on which the uncrowned bust of the king faces left were released. The reverse features an oak leaf as a representation of the king’s “passion for conservation.” Royal Mint Director Rebecca Morgan called the reverse a design that “beautifully represents the deep connection between our monarchy and the natural world.”
The coins are dated 2023, the year in which Charles was crowned. The portrait of the king is planned to appear on each circulating coin denomination from the penny to the £2. Although the mint hasn’t given a reason for the delay in releasing these low-denomination coins, it is likely due to logistics. The newly released coins represent 0.2% of all the coins currently in circulation. There are an estimated 24.605 billion British coins currently in use. Decimal-denominated coins on which the late Queen Elizabeth II continue to be legal tender as well.
Small numbers of 50 pence and £1 Charles III coins are already in circulation, once again representing a small percentage of the coinage currently in use. These denominations were given priority due to their purchasing power and likelihood of circulation. Special allocations of the new 5 pence were given to post office branches in which the word “oak” is part of the postal name.
On New Year’s Eve 2023, Queen Margrethe II of Denmark abdicated her throne in favor of her son Frederik, who has since been crowned as King Frederik X. Collectors seeking reasonably current coins from this monarchy have their hands full. A new 20-krone coin designed by sculptor Eva Hjorth, on which the portrait is meant to reflect “the queen’s experience, authority, and age,” was issued in May 2023. During 2024, a new “Passing the Crown” 20 krone, on which King Frederick X appears on the obverse but with the former queen on the reverse, was released. There were reportedly one million "Passing the Crown" coins placed into circulation.
A complement of coins on which either King Frederik or his royal cipher will appear has been reported to be ready for release during the second half of 2025. None had yet been issued at the time this article was written.
It may not be due to a change in who is the sovereign; however, a new portrait of Prince Albert II of Monaco is now appearing on the principality’s €1 and €2 coins. This change is meant to mark the prince’s 20th anniversary as ruler of the city-state; Albert’s previous coinage features his profile, and the new coins feature Albert full facing. The new issues also feature the prince’s monogram and some heraldic symbols.
Monegasque coins, as coins of Monaco are called, are popular with collectors due to their low annual mintages. Since Monaco’s currency was tied to the French franc, Monaco adopted the euro despite not being a member of the European Union.
Likewise, Vatican City is not an official EU member; however, this city-state issues euro-denominated coins due to its currency relationship with EU member Italy. Coins on which the late Pope Francis appears were struck in 2014 through 2016. Francis no longer allowed his portrait to appear on coins beginning in 2017. Coins on which the current Pope Leo XIV will appear are anticipated to be released in 2026. Vatican City euro coins are struck in small numbers annually.
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